Monday, April 18, 2011

So ends a short-lived, conflict riddled, three month stint as board chair -- for Carrie S. Cox (the ex-Schering-Plough EVP):

. . . .Baxter International Inc. announced today that it has entered into a definitive agreement to acquire privately-held Prism Pharmaceuticals, Inc., a specialty pharmaceutical company based in King of Prussia, PA. Prism Pharmaceuticals has developed and received U.S. Food and Drug Administration (FDA) approval for multiple presentations of Nexterone® (amiodarone HCl), an antiarrhythmic agent. The Nexterone product portfolio, which does not contain polysorbate 80 or benzyl alcohol, includes the first and only ready-to-use premixed intravenous (IV) bag formulations as well as vials and a pre-filled syringe.

The terms of the agreement include a total consideration of up to $338 million, consisting of an upfront cash payment of $170 million at closing and up to $168 million in future sales-based milestone payments. The transaction is expected to close in the second quarter of 2011, subject to customary closing conditions and expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. This transaction is not expected to have a material impact on Baxter's 2011 financial results. . . .

So long, Ms. Cox. Under Baxter's aegis, this IV med product will be a huge seller -- the strength of Baxter's network with care facilities will be the key. All in all, a great result for the manifold venture investors in Prism.

6 comments:

Anonymous
said...

Condor - Are you so driven by your venom toward S-P that you really think this is an appropriate headline?!After less than a year as CEO of Prism, Carrie Cox will walk away with a windfall...and a great return for Prism's investors. Losing her "chair" is hardly a problem!Let's see a little more honest reporting from this site...

Gee, Anonymous -- I do appreciate your input, even if the point of it seems. . . unclear.

To recap, here:

I was pointing out that -- under applicable Sherman and Clayton Act rules, she ought to have been more than a little concerned about sitting on the boards of one or more competitors, in the human health sector. I was noting that she seems oblivious to such nuances.

That was January 2011. I note now that she has seen the company taken out by Baxter. That solves her conflict. It is also the shape of many such deals to come, as Reform rolls out, in earnest, in 2011 -2014. The small will get rolled up into the large. That is a fact.

But don't kid yourself, Anon. -- the skills of one Ms. Carrie S. Cox (whatever those might be!) had almost nothing to do with Baxter's buy-out deal.

She -- as ever -- was just on the Ferris Wheel (up top) at the right moment -- that's all.

Do stop back -- I highly suspect you are the one who also thinks me a racist. And, I do find that perspective fascinating. BTW, I do think Merck is poised to report a strong Q1 2011.

I thought my point was clear, but I understand why you might have difficulty hearing it. To be more direct, I believe you owe Carrrie Cox a grudging acknowledgement that she has puled off one of the better biotech deals of the year to date. It's interesting that you wish to hold CEOs accountable for every activity that occurs on their watch, e.g. Fred Hassan, but you want to opine that Carrie Cox had almost nothing to do with a buyout deal of her company! I thought you might be capable of more intellectual integrity...

By the way, I have many concerns with your agenda and your biases, but racism is not one of them. That must be another 'anonymous' whom you have pissed off along the way....

Senator Grassley's Concern

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FDA Drug Facts

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